best buy oshkosh

Best Buy Oshkosh - Best Buy announced Monday that it will close its Fond du Lac location, while its Oshkosh store will remain open and able to absorb the displaced employees.

Best Buy spokeswoman Megan Boyd told Action Reporter Media on Monday that the Fond du Lac store, 335 N Pioneer Drive, will close when the property's lease expires on Oct. 31.

Best Buy Oshkosh

The company's 59 employees displaced by the layoffs can apply for jobs at "nearby" stores — which is the closest location in Oshkosh. Workers not hired at outside locations will qualify for severance pay, Boyd said.

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The company filed a notification Monday night with the Wisconsin Department of Workforce Development under the Worker Adjustment and Retraining Act, or VARN.

"Some employees ... may obtain other jobs within Best Buy prior to that date through internal transfers to other jobs," Best Buy Market Human Resources Manager Tom Phillips wrote in the DVD 'Wisconsin' filing.

Boyd said Best Buy decided to close its Fond du Lac location — which opened in 2005 — thanks to a shrinking retail market. Best Buy shares rose 15 percent on Aug. 25 after the company reported better-than-expected second-quarter earnings.

The Richfield, Minnesota-based company posted net income of $164 million from April to June, up from $146 million in the same period a year earlier. Meanwhile, Best Buy's online sales rose 17 percent. From Penney's to Victoria's Secret, here are 8 retailers that will either make it or break it in 2021.

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The days of hopping in your car to watch big screen TVs at your local Best Buy may be numbered.

Best Buy may close more stores than usual in 2021 as the shift to online shopping accelerates with people more reluctant to come indoors during COVID-19, Chief Executive Officer Cory Barry said Thursday during the electronics retailer's quarterly earnings call in Minneapolis. The company has approximately 450 leases that will be up for renewal over the next three years, or an average of 150 each year.

"As part of the review process, we have closed approximately 20 large format locations over the past two years and expect to close more this year," Berry said. "We have also been reducing the length of the average lease term, which will give us additional flexibility."

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While the company's online sales exploded during the coronavirus pandemic as people stocked up on laptops, TVs and other devices at home, the retailer is reducing the number and hours of store staff. Best Buy laid off 5,000 full-time store workers earlier this month, Berry said.

"Along with our brick-and-mortar stores, our operating model needs to evolve to meet the changing shopping behavior of customers accelerated by the pandemic," Berry said. "The sudden and sustained shift that customers have made to buy more regularly and seamlessly across all of our channels has forced us to look at how we do our business."

The company said it is cutting jobs as more customers choose to shop online instead of going to its stores. It will replace 5,000 full-time employees with 2,000 part-time workers.

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Barry also said he pays hourly employees an "additional cash bonus" of $500 if full-time and $200 if part-time or occasional seasonal.

Best Buy's workforce has shrunk over the past year after it had to lay off workers when it closed stores to the public in the early days of the pandemic. It currently has more than 100,000 workers, a decrease of 21,000 or 17% compared to the previous year.

Employees started coming back from vacation in mid-June. In August, the company raised its starting minimum wage to $15 an hour.

The company is retraining workers to help with online orders. And more in-store space is used to ship orders or prepare for street pick-up, where customers shop online and pick up orders in the parking lot.

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A group of workers has launched an online petition asking Best Buy to compensate employees for lost wages related to the cuts. According to the petition, the company began reducing hours at 150 stores on January 10. About 792 of the nearly 4,000 signatures were from Best Buy workers, said Shannon Fulfs, a petition organizer who works at a Best Buy in the Omaha, Nebraska, area.

Fulfs said workers were struggling with a sudden loss of income of up to 40 percent and uncertainty about what to do because they were not told whether the cuts would be permanent.

Best Buy said it was "unrealistic to pay employees for hours they did not work, which is what a small number of people are asking for in this petition."

"We told the petitioners that we disagree with their request, but we fully support their right to do so," the company said in a statement to The Associated Press. "Like any retailer, our business model has always allowed us to adjust staffing to meet customer demand."

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Best Buy said its online sales rose 89% from November to the end of January, compared to the same period a year ago.

Revenue during the quarter rose 11% to $16.9 billion. Its profit rose by almost 10% to 816 million dollars. Its adjusted earnings per share were $3.48 per share, beating Wall Street expectations.

Online and brick-and-mortar sales, a key metric of retail health, rose 12.6% last quarter and rose 9.7% last year. That number is expected to increase by 20% in the current quarter, but growth is expected to slow to a 2% decrease or increase to 1% this year.

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